Seems that the win32 version is not rendered correctly on first run (but the problem gets "fixed" in the second run and I'm sure on first run it should be rendered well first).
Details:
Guest os: Win98SE.
CPU: Pentium at 75Mhz.
Video card: Trio64 4MB at 1024x768x32bpp.
Machine used: Award 430VX PCI.
CPU Dynarec enabled.